REAL ESTATE
Queens rental prices rise while the number of available rentals fall
Sales in QueensHOMES COOPS CONDOS Listings and photos courtesy MLSLI
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST
BAYSIDE WOODSIDE JAMAICA OZONE PARK
Under $500,000
166-10 Powell’s Cove Blvd., UNIT 6c,
Beechhurst
$259,990
Co-op, 1 bedroom, 1 bathroom
Geraldine Katsoulakis, Premium
Properties Inc
$500,000-$900,000
163-46 21 Road, Whitestone
$838,888
Colonial, 3 bedrooms, 2 bathrooms
Konstantinos Vlaikos, Winzone Realty
Inc
Over $900,000
49-50 Horatio Pkwy., Bayside
$1,125,000
Split
4 bedrooms, 3 bathrooms
Margaret Loughlin, Keller Williams Rlty
Landmark
Under $500,000
4508 40th St., UNIT D51, Sunnyside
$439,999
Co-op
1 bedroom, 1 bathroom
Jessica Speck, Marc Winidheuser, RE/
MAX City Square
$500,000-$900,000
51-13 61st St., Woodside
$818,000
George Torres, EXP Realty
3 bedrooms, 2 bathrooms
George Torres, EXP Realty
Over $900,000
24-12 42nd Road, Long Island City
$1,890,000
Condo
2 bedrooms, 2 bathrooms
Luciane Serifovic, Luxian International
Realty
Under $500,000
225-06 Hillside Ave., Queens Village
$359,000
Co-op
2 bedrooms, 1 bathroom
Jessica Speck, RE/MAX City Square
$500,000-$900,000
216-26 117th Road, Jamaica
$699,000
Two-family cape
4 bedrooms, 3 bathrooms
Elsie Tavarez, Infi niti Homes LLC
Over $900,000
178-26 Kildare Road, Jamaica Estates
$1,699,000
Exp Cape
5 bedrooms, 3 bathrooms
Peter Murdakhayev, Winzone Realty Inc.
Under $500,000
80-38 88th Road, Woodhaven
$454,750
Colonial
3 bedrooms, 2 bathrooms
Jeewan Persaud, JAPHOMES Inc
$500,000-$900,000
63-47 Booth St., UNIT 6D, Rego Park
$535,000
Condo
1 bedroom, 1 bathroom
Tony Lam, Douglas Elliman Real Estate
Over $900,000
134-20 Sitka St., Ozone Park
$1,199,000
Two-family colonial
8 bedrooms, 4 bathrooms
Ana Maria Motta, Winzone Realty Inc.
BY EMILY DAVENPORT
edavenport@qns.com
@QNS
A recent report found that while prices
in the Queens rental market are rising and
thriving, the amount of available rentals
are decreasing compared to last year.
On Dec. 12, Douglas Elliman Real Estate
released their November 2019 Rental
Market Report for Queens. According to
the report, rental prices throughout the
city in November 2019 are continuing to
rise compared to November 2018.
“Conditions in the NYC real estate market
right now are ideal for the rental market
to thrive, so this month’s results are no
surprise,” said Jonathan Miller, President
and CEO of Miller Samuel Inc. and the
author of the report. “We haven’t seen a
rental price drop or an increase in concessions
in several months, and it’s certainly
looking like the market will fi nish out the
year with that same resilience.”
Net eff ective rents for Queens in
November rose 4.6 percent to $2,878. Th e
median face rent also saw a 4.2 percent
increase to $2,989, and the average rental
price rose 5.2 percent to $3,141. However,
rental price per square foot fell to $49.75,
marking a 6.1 percent decrease, and listing
discounts also declined from 1.3 percent
to 1.1 percent.
According to their fi ndings, there were
233 new leases during the month of
November, marking a 14.3 percent drop
year-over-year. Listing inventory overall
also fell 13.9 percent year-over-year, dropping
to 399 new listings. Th e new development
market share in Queens declined
from 46 percent to 33.5 percent.
New listings spent an average of 24
days on the market, up two days yearover
year, and share of new rental transactions
with their original prices or rent
concessions dropped from 59.2 percent
to 54.5 percent. Th e size of concessions
in November fell from 1.2 months to 1.1
months year-over-year.
To read the full report, visit elliman.com. Photo via Shutterstock
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/elliman.com
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